pre·exist·ing duty rule
Legal Definition of preexisting duty rule
: a common-law rule of contracts: a party's offer of a performance already required under an existing contract is insufficient consideration for modification of the contract
Note: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It is also not applicable where there has been a rescission of the contract followed by a new contract.
Love words? Need even more definitions?Merriam-Webster unabridged
Words at Play
- Getting with the ‘Program’ (or ‘Programme’)
- Why Do We Say Teams Get a 'Bye'?
- The Good, The Bad, & The Semantically Imprecise - 11/29/19
- Kids' Table: A Table with a Mess of Names
Ask the Editors